BC, March 11, 2022 /CNW/ - Westshore Terminals
Investment Corporation (TSX: WTE) ("Westshore" or the
"Corporation") announced today an increase in the quarterly
dividend from $0.25 per share to
$0.30 per share. The Q1
dividend will be paid on or before April 15, 2022, to shareholders of record on
March 31, 2022. The Q1 2022 dividend
will be designated an "eligible dividend" for Canadian tax
Westshore also announces a one-time,
non-recurring special dividend of $1.50 per share, which will also be paid on or
before April 15, 2022, to
shareholders of record on March 31,
2022, together with the Q1 dividend announced above. The
special dividend will be designated an "eligible dividend" for
Canadian tax purposes.
This special dividend has been approved and is
being paid in recognition of Westshore's current cash resources
versus cash needs. There is no assurance that any other special
dividends will be paid in the future and if paid for what amount.
The board will continue to review all factors relevant to the level
of dividends, including operating performance, current and
anticipated market conditions, and the suitability of applying
funds to repurchase shares.
Westshore anticipates shipping approximately 6.6
million tonnes in Q1 2022, compared to 7.7 million tonnes for the
same period in 2021. Q1 2022 volumes have been impacted by
difficult winter weather conditions affecting both terminal
operations and rail deliveries. 2022 throughput volumes are
anticipated to be approximately 27.5 million tonnes at an average
loading charge of approximately $11.85 per tonne.
The foregoing statements concerning anticipated
throughput volumes and the levels of dividends are forward-looking
statements that reflect the current expectations of the Corporation
with respect to future events and performance.
Forward-looking statements should not be read as guarantees of
future performance or results and will not necessarily be accurate
indications of whether such performance or results will be
Forward-looking statements are based on
information available at the time they are made, assumptions made
by management, and management's good faith belief with respect to
future events, and will be impacted by and are subject to the risks
and uncertainties outlined in the Corporation's Annual Information
Form that could cause actual performance or results to differ
materially from those reflected in the forward-looking statements,
historical results or current expectations.
SOURCE Westshore Terminals Investment Corporation